Brian Armstrong, the founder, and CEO of crypto exchange Coinbase Global Inc COIN, said that Bitcoin BTC/USD and Ethereum ETH/USD are “pretty clearly” commodities.
What Happened: In a recent episode of the All-In podcast, Armstrong explained that he believes different cryptocurrencies can be considered types of assets by regulators’ definition.
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“Here’s what I’m realizing. Crypto is going to be many different things. It’s not just going to be one regulator doing it,” he said.
“Think about cryptocurrencies like Bitcoin. That’s pretty clearly a commodity. Or Ethereum. Many of these are commodities that probably should be regulated by the commodities [regulator], or the CFTC.”
According to him, if a company wants to raise money via a security token offering, that should be considered a security for investment purposes and be regulated by the SEC.
“It would be great to have more clarity on that,” he said.
In his view, stablecoins should be regulated by the Treasury because they closely resemble currencies.
See Also: ARE STABLECOINS SAFE?
“Finally, there’s going to be cryptocurrencies that are none of the above. They’re artwork or something that probably shouldn’t even be regulated,” said Armstrong.
Coinbase recently launched the beta version of its NFT platform for select users on the waitlist. The crypto exchange believes that this platform could open up a new revenue stream and become even bigger than its crypto trading business.
Price Action: According to data from Benzinga Pro, Coinbase shares closed 4.22% lower on Friday at a price of $131.52 per share.
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Photo courtesy: Coinbase